I had to write the first big cheque last week (well, the first one since the one I wrote for buying the place, which was a whopper!), so I thought it was probably time to put my cards on the table and share my budget.
There are really two parts to the budget: what’s needed to get it to the point where it could be sold or rented and what’s needed to furnish it to turn it into a holiday let. Here are our figures.
|Roof & stonework||£16,000.00|
|Heating & burner install||£7,000.00|
|Plasterboard & insulation||£2,000.00|
|Switches, sockets, light fittings||£500.00|
|Shower tray & screen||£700.00|
|Woodburner & kit||£1,500.00|
|Windows and door||£5,000.00|
|Interest, council tax, electricity||£3,500.00|
Total: £60,455 *gulp* And we’re actually already £2,720 over the roof budget because of the extra work to the stone. On the plus side, the house and surrounding fields were valued at £77,500 on the home report (the rest of the value being assigned to the other croft) and should be worth in the region of £150-160,000 once we’re done, so we’re still just about in profit.
On the furnishings side..
|Beds x 4||£750.00|
|Mattresses x 4||£1,300.00|
|Sofas x 2||£1,100.00|
|Kitchen table & chairs||£800.00|
|Wardrobes x 3||£750.00|
|Drawers x 2||£500.00|
|Bedside tables x 4||£500.00|
|Pots, pans & crockery etc||£600.00|
|Cushions, pictures etc.||£500.00|
Total: £7,500. I’ve priced up for mostly new, but am hoping I can save some money by buying good-quality second hand – browsing the local Facebook for sale group, I’ve already seen a really nice oak single bed frame that would be perfect for the small bedroom for £45. A friend of mine recently furnished an entire rental property from the weekly furniture auctions at Dingwall and has a teenage niece who’s got the long summer holidays coming up who is very, very talented at smartening up bargain buys, so I’m hoping she might be employable for a few days! The one thing I refuse to buy second-hand are mattresses.
We’ve also agreed a £5,000 contingency, bringing the overall grand total potential spend to an absolutely eye-watering £72,955. We have enough cash, from savings and 0% offers, to get us to the house being more or less finished, but not the garden – so I need to crack on with the decrofting application for the house site to make sure that as soon as there’s a working kitchen and bathroom in place, I can get on with a mortgage application to release money to pay back the 0% deals as they expire and put the final touches to it so it can start earning its keep.